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No free trade zone with the US any time soon: Kabil

There is no intention to increase export subsidies at the moment, as the flotation supported exports, says the minister Minister of Trade and Industry Tarek Kabil said on the sidelines of the opening of the Food Africa exhibition, which includes 450 Egyptian and international companies, that the relationship between Egypt and the United States has …

There is no intention to increase export subsidies at the moment, as the flotation supported exports, says the minister

Minister of Trade and Industry Tarek Kabil said on the sidelines of the opening of the Food Africa exhibition, which includes 450 Egyptian and international companies, that the relationship between Egypt and the United States has improved, although he ruled out the idea of establishing a free trade zone at the moment.

Several voices have been calling for the establishment of a free trade zone with the United States over the past ten years; however, no real steps have been taken, and both parties seem satisfied with the QIZ agreement.

With regards to increasing export subsidies in the new budget, Kabil said that there is no intention to increase allocations now, noting that the flotation offered exports a huge boost on its own.

He explained that not all exporters need to import raw materials, highlighting agricultural exports as an example.

The minister added that there are other means to support exporting, including the opening of freight lines and logistics centres.

Export subsidies in the new budget are estimated at EGP 2.6bn, which is the same amount as last year.

Asked about the Sudanese crisis, Kabil said that there are no updates on that front. Egyptian exporters have recently found it difficult to export goods to Sudan, as the latter refused to receive any Egyptian products.